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Novartis buys Regulus Therapeutics, deal expected to hit $1.7 bln 05/02/2025

U.S. Tariffs Force Chinese Factories to Halt Production and Hunt for New Markets 04/28/2025

Americans Fear Repetition of 2008 Financial Crisis as Tariff War Intensifies 04/28/2025

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Business & Finance

Samsung loses 96% in Q2 operating profit

The company’s operating profit was about $461 million. Preliminary data indicates that Samsung Electronics Corporation's total operating profit declined by over 96% between the second quarters of 2022 and 2023, as shown on the company's website. The figures show that total operating income peaked...

30 Million People Quickly Join Up For Meta's Threads, Posing An Obvious Threat To Musk-Owned Twitter

As a result of its access to billions of Instagram users and a resemblance to its rival's design, Meta's Threads amassed more than 30 million sign-ups within around 18 hours of its launch and became the first serious threat to Elon Musk-owned Twitter. Threads, dubbed the "Twitter-Killer,"...

Saudi Aramco to increase gas production by 50-60% by 2030

Saudi Arabia intends to do this by constructing additional pipelines totaling 4,000 kilometers. The state oil firm of Saudi Arabia, Saudi Aramco, intends to boost gas production by 50–60% by 2030. Amin Nasser, the company's CEO, made this statement on Wednesday, according to the Al Arabiya TV...

As The Chip Glut Remains, Samsung's Profit Will Likely Be At Its Lowest Level In Over 14 Years

Despite a supply decrease, Samsung Electronics' June-quarter earnings is anticipated to fall 96% year on year to the lowest for any quarter in more than 14 years, as a chip oversupply continues to generate big losses in the tech giant's cash cow industry. According to a Refinitiv...

Bloomberg: Alibaba works on new strategy for its video services

One of China's most well-known streaming services, Tudou, and Chinese online retailer Alibaba are revising their business strategies for its video services Youku and Tudou, reports Bloomberg citing sources. They claim that the management of the group may give these assets to the movie studio...

Tesla shipments add 83% in last quarter

The latest quarter saw an 83% increase in Tesla shipments to market with record sales of more than 466,000 electric vehicles. Tesla's global shipments grew by 83% in the second quarter of 2023 thanks to steep drops in electric car prices and large sales incentives. The Wall Street Journal notes...

Renault postpones IPO of its electric vehicle division

The upcoming initial public offering (IPO) of Renault Group's Ampere electric vehicle division has been postponed. Thierry Pieton, the company's CFO, made the declaration at a conference to update its 2023 financial projection. “We anticipate the Ampere spin-off to be finalized in the second half...

Ellison Says Oracle Would Spend "Billions" On Nvidia Chips In 2023

According to Oracle Corp. founder and chairman Larry Ellison, the company is investing "billions" of dollars in Nvidia Corp. chips as it grows a cloud computing service aimed at a new generation of artificial intelligence (AI) startups. The cloud subsidiary of Oracle is attempting to gain...

Former Audi chief gets 21-month jail sentence in 'Dieselgate' case

The Munich court sentenced former Audi CEO Rupert Stadler to 21 months in prison with a suspended sentence for fraud. Mr. Stadler was also fined €1.1 million, with the money going to the state treasury and charitable groups. The court reached this conclusion while hearing the case involving...

After The Tax Leak Controversy, PwC Australia Sold A Business Unit For 50 Pence.

Following a scandal involving the misappropriation of secret government tax plans, PwC Australia has announced that it will sell its government business for A$1 (50p). The country's new top executive has also been named, according to the accounting behemoth. The decision will enable the...